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Fairness Opinion Detail

The Michaels Companies Inc. to Apollo Global Management

General Retail/Mar 2021/UBS

Deal Information

Target
The Michaels Companies Inc.
Acquiror
Apollo Global Management
Sector
General Retail
Target Type
Public
Acquiror Type
Financial
Advisors
UBS

Transaction Metrics

Enterprise Value
$5.0B
EV / LTM Sales
EV / LTM EBITDA
6.9x
EV / Fwd EBITDA

Advisor Transaction Comparables

Comparable transactions cited by the advisor, excluding the subject transaction.

Advisor: UBS

TV/LTM EBITDA selected range: 5.0x - 7.0x

6 comps
Dec 2020Sportsman's Warehouse Holdings Inc.Great American Outdoors Group, LLC$788M-6.0x-
Aug 2020Hudson Ltd.Dufry AG$1.1B-5.7x-
Jun 2020GNC Holdings, Inc.Harbin Pharmaceutical Group Co Ltd$780M-6.9x-
Aug 2019Vitamin Shoppe Inc.Franchise Group Inc$206M-3.7x-
Jun 2019Barnes & Noble Education, Inc.Elliott Management Advisors L.P.$603M-5.7x-
Jun 2017Staples Inc.Sycamore Partners$6.7B-5.0x-
Mean-5.5x-
Median-5.7x-